Xi ceasefire isn’t enough to resolve their deep divisions

03 December, 2018

The White House then moved to add 10 percent tariffs to an additional $200 billion of China's products, threatening to raise the amount to 25 percent on January 1 if Beijing didn't agree to Trump's demands.

Trump withdrew his threat to raise the U.S. tariffs even more on January 1, in return for a promise from China to buy more United States goods and enter into a 90-day period of talks to resolve their differences.

Addressing the media, at Buenos Aires, after the talks, Chinese Foreign minister Wang Yi acknowledged that China would import more from the USA and address Washington's concerns in the 90-day period. During their working dinner, the two leaders had very "positive and constructive" discussions over trade and economic issues and agreed not to impose additional tariffs. "The time was much longer than the schedule", the state-run Xinhua news agency quoted Wang as saying.

The two heads of state had an in-depth exchange of views on China-U.S. relations and worldwide issues of common concern in a friendly and candid atmosphere at a working dinner after the conclusion of the 13th summit of the Group of 20 in Argentina.

Washington also said that China would buy "very substantial" amounts of energy, industrial, and other goods from the U.S.in addition to agriculture products.

China "is open to approving the previously unapproved" deal for US company Qualcomm Inc (QCOM.O) to acquire Netherlands-based NXP Semiconductors (NXPI.O) "should it again be presented", the White House statement said.

The trade conflict began earlier this year when Trump slapped tariffs on more than US$250 billion of imported Chinese steel, consumer goods, and other items. The editor of the Chinese official Global Times, meanwhile, said that his sources also confirmed that the talks "went well and consensus was reached".

Trump said that he agrees with Xi on his evaluation of U.S. "It was the weakest communique we've ever seen from the G20", he told AFP, contrasting the group's posture now in the Trump era to its sense of common goal when the leaders first met 10 years ago in the midst of a financial crisis.

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Sun Zhe, co-director of the China Initiative at Columbia University, said China might have made greater concessions this time but may be looking for more out of the United States in the coming months.

"Saturday's meeting has put the brakes on escalating trade friction between the two countries".

The outcome of the meeting needs to be cherished. "The two heads of state reached consensus to halt the mutual increase of new tariffs".

Trump told Xi at the start of their meeting he hoped they would achieve "something great" on trade for both countries.

The U.S. delegation included Secretary of State Mike Pompeo, Treasury Secretary Steven Mnuchin, Chief of Staff John Kelly, U.S. Trade Representative Robert Lighthizer, national security adviser John Bolton, assistant to the president and senior adviser Jared Kushner, assistant to the president for trade and manufacturing policy Peter Navarro, and assistant to the president for economic policy Larry Kudlow.

The U.S is unhappy with what it says is the WTO's failure to hold Beijing accountable for not opening up its economy as envisioned when China joined the body in 2001.

The statement said that the countries agreed to implement this transaction within the next 90 days.

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